The Home Affordable Refinance Program is a comprehensive Financial Stability Plan to stabilize the housing market. A summary of eligibility under this program is as follows:
" First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) eligible manufactured homes, and our negotiated conforming jumbo mortgages.
" FHA, VA, and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines.
" Mortgages for properties that are abandoned, vacant, or condemned are not eligible.
" Mortgages may be previously modified, but can only be modified once under HAMP.
Borrowers may be eligible for this program if they meet the following requirements:
" Borrowers who are 31 days or more delinquent and borrowers who are either current or less than 31 days delinquent and in imminent default.
" A borrower may be considered in imminent default if the borrower is current or less than 31 days delinquent on their mortgage payments, and have a hardship that is stated in the Hardship Affidavit document. In addition, the borrower must have a Debt Coverage Ratio that is less than 1.20 and Cash Reserves that are less than three times their current monthly PITIA payment.
" Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
" Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
" Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.
The District of Columbia Home Affordable Modification Program (CAMP) Hardship Affidavit is an essential document for homeowners seeking mortgage loan modification assistance in the capital of the United States. This affidavit is designed to assess and verify the financial difficulties faced by individuals or families who are struggling to make their mortgage payments in the District of Columbia. The CAMP Hardship Affidavit serves as a vital tool in the application process, allowing homeowners to present their unique financial circumstances to their mortgage services for consideration. Keywords: — District of Columbia: The District of Columbia, often referred to as Washington, D.C., is the capital city of the United States. It is not part of any state but operates on a district level, with its government and unique set of regulations. — Home Affordable Modification ProgramCAMPMP): CAMP is a federal program introduced during the 2009 financial crisis to assist struggling homeowners in modifying their mortgage loans and avoiding foreclosure. It aims to provide sustainable and affordable mortgage payment options to eligible homeowners across the nation. — Hardship Affidavit: A hardship affidavit is a legally binding written statement that details an individual's financial hardship circumstances. In the context of the CAMP program, the hardship affidavit is used to disclose and substantiate the reasons behind a homeowner's inability to make regular mortgage payments. — Mortgage loan modification: A mortgage loan modification is a process that involves changing the contractual terms of a mortgage loan to make it more affordable for the borrower. This typically includes adjustments to interest rates, loan duration, or other financial provisions. — Mortgagserviceer: A mortgagserviceer is a company or organization responsible for collecting mortgage payments and managing other loan-related aspects on behalf of the lender. In the CAMP program, mortgage services play a crucial role in reviewing and evaluating homeowners' applications for loan modifications. Different types of District of Columbia Home Affordable Modification Program Hardship Affidavit may arise due to variations in forms or requirements among different services or updated program guidelines. It is important for homeowners to utilize the specific hardship affidavit provided by their mortgage service or to obtain the official documents from the Department of Housing and Urban Development (HUD) for their particular case.
